Bengaluru-based fintech startup Pocketly, backed by 100X.VC, has raised $3 Mn in a Pre-Series A funding round. According to the lending platform, the raised fund is a mix of debt and equity, with $2 Mn in debt and $1 Mn in equity.
The funding round was led by Dholakia Ventures. Besides, angel investors Kunal Shah of CRED, Apurva Parekh, ED of Pidilite; Siddharth Somaiya, founder and CEO of Organic Riot and Aaryaman Vir Shah, cofounder of Prophetic Ventures also participated in the round.
Navdeesh Ahuja, founder of Pocketly, said, “Pocketly in its current form provides credit to students and young professionals in India through our credit line product, but going forward we are exploring multiple options to meet the various demands of our users in the form of card or BNPL.”
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Founded by Aarav Bhatia and Navdeesh Ahuja in 2019, Pocketly offers a line of credit solutions through its platform, targeting students and young professionals at the beginning of their credit journeys. It gives a credit line to college-goers via its mobile app. It also charges interest on every loan extended through its credit line over and above the usual interest charged by lenders. It is now serving over 100K borrowers and is currently disbursing more than Rs 250 crore annually.
Right now, the startup has targets to expand its scale of disbursement from Rs. 2.5 Bn to Rs. 10 Bn within the next 12 months. Further, it will also look to expand its product range by including BNPL services alongside its usual credit offerings.
Ninad Karpe, partner, 100X.VC, said, “At 100X.VC, we are excited to partner with Pocketly and fuel their journey of empowering the youngest population in the world.”
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